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Korea’s Tstone agrees partnership with Newsweek

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South Korea’s Tstone Corp. has entered into a partnership with Newsweek to develop the magazine’s business in Asia. This will involve expanding the existing Asian edition of Newsweek across the digital, broadcast and events space.

"We are delighted to be entering into this joint venture with The Newsweek Daily Beast Company," Joonhee Won, CEO of Tstone, said in a statement. "Newsweek is one of the world's most respected and successful media brands. We look forward to expanding in Asia beyond magazines to other areas of media in both the traditional and digital arenas."

Newsweek merged with Daily Beast, a website founded by Tina Brown, formerly editor of The New Yorker and Talk magazines, last year. The publication, estimated to be losing about $20 million a year, was sold by The Washington Post to Sidney Harman for a token cash price of $1 earlier in 2010.

Tstone, which has offices in Seoul and Singapore, was set up in 2001. Its most recent fund, Tstone Fund II, closed in 2008 at $130 million.

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